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I Bought a Flat in 1998 for 3L and Want to Sell it for 27L in 2023. Can I Use the Proceeds to Pay Off My Home Loan and Avoid LTCG Tax?

T S Khurana |186 Answers |Ask -Follow

Tax Expert - Answered on Oct 11, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Aug 09, 2024Hindi

Money

Sir, I have purchased a flat for 3L in 1998. I want to sell it at 27L. I purchased a house in gated community for 45L through loan through installment during period 2011-19. In 2019, sale deed (conveyance deed) was handed over by society. Can I repay the outstanding home loan partially from the flat sale. Will it attract LTCG tax. If yes, How to reduce the tax. Buyer has intention of taking loan upto 20L. Please guide.

Ans: 01. You are selling the Flat in 2024, which you purchased in 1998. LTCG on it shall be due in 2024 only.
02. Since you purchased a flat during the period 2011-19 in installments, i.e., before one year from the date of sale of flat in 2024, you are not entitled to exemption u/s 54.
03. You can repay your loan from the amount you received from sale of flat, but it will not entitle you for any exemption.
04 Buyer may take a loan or not, it is none of your business & has not tax liability for you.
05. To reduce your tax liability, you may invest in purchase/construction of residential property, with in specified time limits or invest in Capital Gains Bonds Scheme of NHAI or REC etc.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Indexed cost of acquisition can be calculated with the help of income tax calculator available at https://incometaxindia.gov.in/Pages/tools/indexed-cost-of-acquisition-or-improvement.aspx.

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I have taken loan this year to construct one residential house which is still under construction and I have also sold a flat for Rs.130 lakh. The long term capital gain amount is Rs.29 lakh. Now I want to repay the loan out of long term capital gain amount. Will I have to pay tax over the LTCG amount?

Ans: Considering the information rendered by you, I assume that you will be able to sell your existing house property within one year from the date of purchase of a new house.

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